The Chicago Exchange, briefly known as the MERC, is a futures and options exchange located in Chicago, Illinois. It was founded in 1848 and is one of the oldest exchanges in the United States. The exchange is regulated by the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). The MERC offers a wide range of products including agricultural commodities, energy, metals, and financial instruments. It is the largest futures exchange in the world and is a major player in the global derivatives market.